""Outrigger Hotels and Resorts"":http://www.outrigger.com/Landing-Pages/your-summer-to-do-list?utm_source=google&utm_medium=Brand&utm_term=outrigger%20hotels%20and%20resorts&utm_content=Hotel-Brand-OEG-DKI_CopyPropertyOfficialBest&utm_campaign=0S-OutriggerHotels-Brand-OEG-50S&src=LeadQual_ppc_oeg_june232011_google_Brand_50states_Hotel-Brand-OEG-DKI_CopyPropertyOfficialBestSummer has new ownership, following the closing of ""Prudential Mortgage Capital Company's"":http://www3.prudential.com/businesscenter/realestate/pmcc/home/welcome.shtml $137.8 million acquisition of the hospitality entity. Prudential Mortgage provided the major, seven-year fixed-rate mortgage loan on behalf of Prudential's general account.[IMAGE]
The Outrigger property securing the loan encompasses a 639-room hotel in Honolulu's famous Waikiki beach, which recently went through a $113 million renovation and repositioning effort.[COLUMN_BREAK]
The entity behind the resort, Outrigger Enterprises Group, is a privately-held leisure company that boasts more than 44 properties throughout the Asia-Pacific and Oceania regions.
""The hotel industry is in the midst of a recovery following a severe downturn, and Hawaii has enjoyed that recovery. This financing fits our strategy of investing in highly competitive and well-located hotels with superior sponsorship. The property has potential for strong growth, particularly given the operational expertise Outrigger brings to this transaction with more than 60 years of hotel industry experience. We are excited to continue this important borrower relationship,"" said Frederick van Overbeek, principal of Prudential and a member of the San Francisco-based team that helmed the financing arrangement.
Also participating in the transaction was Elizabeth Velazquez, Prudential's director of originations.
Prudential operates nationally and focuses on commercial and multifamily financing divisions, for a total of $68 billion in assets as of June, 30, 2011; Outrigger's diverse brands are equally credentialed, including international operations for bold-faced names such as Embassy Suties, Marriott, and Wyndham.